What defines luxury? Is it the history of a brand? The status associated with it? The exclusivity of an item? As the definition of this term continues to evolve, modern luxury labels must also alter their offering to meet the changing tastes of high-end global consumers – or risk being left behind.
The Kadence Luxury Index 2018 surveyed 5,775 consumers in 13 markets to gauge their opinions on eight different components of luxury.
Quality was found to be the number one reason people lusted for luxury, with cars seen as the most luxurious industry, followed by jewellery, then watches.
The Index noted a distinct difference in opinion between the East and West as to what industries and brands were preferred. Overall, jewellery was the favoured segment in the eyes of Western consumers, while cars were identified as the most decadent item in Asia.
Most luxurious brands in the West:
- Cartier
- Rolls Royce
- Tiffany & Co.
- Porsche
- Bentley
- Ferrari
- Lamborghini
- Ritz-Carlton
- Rolex
- Mercedes-Benz
Most luxurious brands in the East:
- Mercedes-Benz
- Ferrari
- BMW
- Lamborghini
- Rolls Royce
- Cartier
- Rolex
- Tiffany & Co.
- Porsche
- Bulgari
The top western brands expanding into Asia: These four companies are using digital media to power strong growth in the Chinese market.
